Mortgages and Defaults

PoorPonyMom

Hey there

My other half and I are looking to get a mortgage. He will have a good deposit of about £115k when he sells his flat and we were hoping to base the new mortgage on his income alone to get us up to £250k for a new place. He earns just over £22k a year (but has commission and overtime on top up to £30k) had no loans and an excellent credit score.

He has just been offered £108k which isn't really enough we need a bit more. Thinking about a joint application and although I earn £22k, I had an issue with credit and last year finished paying off £30 k worth of debt through CCCS. this wasn't an IVA just a payment agreement but I have been left with 2 defaults, one is due to drop off end of this year and the other is on for another 5 years I think.

I've checked Experian and my credit rating is good.

Have I got a hope in being considered for a joint mortgage application? Or will the defaults make it pointless

Thanks

ethank

Do a check of all three of your credit files with Experian, Noddle (Callcredit), and Equifax.

Take these to a broker who will know which lenders search which credit reference agencies.

he has a really good deposit.... You may be lucky.

I don't think that Experian would be saying 'Good' with two defaults....

Thrugelmir

PoorPonyMom wrote: »

I've checked Experian and my credit rating is good.

Lenders will decide whether it's good or bad based on your credit history. How much was the recent default for?

PoorPonyMom

Thanks for the reply - yes think a broker may be the way to go..

I've just checked my experian again, definitely showing as good (in fact was excellent until I was searched for a bank account last month!) One default due to come off in December, the other was registered in 2010 with a loan balance just over £8k, but I cleared that account last year and its showing as the account settled may 2013.

I just wanted to check I wasn't a definate no go area!

GMS

With the defaults being over 3 years old there will be lender who will consider them.


Definitely one for a broker

hoops77

We've had almost the same situation, broker made it worse and scatter gunned our application to the adverse lenders.
Am currently in process with our current lender halifax.
Maybe try your boyfriends current lender first

andynclaire

We are in a similar position. Good deposit, partner brilliant credit history however I have defaults. Sadly there was no chance of getting a joint mortgage because of my credit history so we had to make a sole application. It has just been approved with Halifax. It was not for the amount we wanted but luckily family stepped in and gifted us the difference